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July 15, 1999 6:10 PM, EDT

Celadon Group signed a letter of intent on July 15 to acquire fellow Indianapolis carrier Zipp Express for an undisclosed amount and assumption of debt.

Zipp, which will become a subsidiary ofladon, is a truckload van carrier that serves Mexico and operates dedicated fleets in the Midwest. The company has 250 tractors, 800 trailers and 1998 revenues of $38 million.

Celadon, a truckload carrier specializing in transport of freight between the United States, Mexico and Canada, expects the acquisition to be completed in 45 days.

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